Eesti Energia May Take Slice of Serbian Oil Shale

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Eesti Energia may be seeking to invest in Serbia's oil shale resources, according to the country's Environment Ministry.

Serbia is planning to put to use its oil share resources, located in Aleksinac, a town in the southeastern part of the country. An estimated 2 billion tons of the resource could yield 60 billion euros in returns in the next decade, reported Postimees.

Serbia could produce around 500,000 tons of shale oil annually, according to the country's Environment Ministry, partially making up for the yearly oil import of 1.8-2.7 million tons.

Both Eesti Energia and the British-Russian company Zao Star have shown interest in investing into the project, the undersecretary of Serbia's Environment Ministry, Zdravko Radosavlevici, has said. In November, Estonia's economics minister met with Serbia's environment minister. But Eesti Energia has not yet confirmed whether it will take part in a public procurement that Serbia will announce later this year.